Synopsis
Gold and silver prices rose nicely on Friday, thanks to the intervention of savvy bargain hunters. After hitting a one-week low earlier, the market reacted positively to strong U.S. jobs statistics, reshaping expectations for possible interest rate cuts. Eyes are now on the next inflation report, which could clarify the Federal Reserve’s next steps.
ReutersGold and silver rebounded on bargain hunting on Friday after sliding to one-week lows in the previous session, with a break below key supports deepening losses as selling pressure intensified after strong US jobs data dampened bets on a rate cut.
FUNDAMENTALS
Spot gold was up 1% at $4,966.83 an ounce by 0127 GMT after falling more than 3% in the previous session to a near-week low below the key $5,000 level.
U.S. gold futures for April delivery gained 0.7% to $4,985.40 an ounce.
Spot silver rose 2.1% to $76.76 an ounce, following an 11% decline on Wednesday.
The U.S. dollar was broadly stable against other currencies on Thursday, holding steady after mixed signals from the latest release of U.S. economic indicators. A stronger dollar makes metals valued in greenbacks more expensive for holders of other currencies. [USD/]
Data released Wednesday showed the U.S. labor market started 2026 on stronger footing than expected, reinforcing the idea that policymakers could keep rates high for longer.
Nonfarm payrolls increased by 130,000 jobs in January, following a downwardly revised increase of 48,000 in December, while the unemployment rate fell slightly to 4.3%.
Initial jobless claims fell to 227,000 in the week ended Feb. 7, according to data released Thursday.
Meanwhile, the Federal Reserve’s current monetary policy threatens U.S. economic growth that is otherwise “guaranteed” by a series of Trump administration policies, including tax cuts, Fed Governor Stephen Miran said Thursday, as he relaid the case for further interest rate cuts.
Investors are now awaiting inflation data due later today for more clues on the Fed’s monetary policy path.
Spot platinum rose 1.7% to $2,033.15 an ounce, while palladium rose 1.4% to $1,639.99.
DATA/EVENTS (GMT)
1000 Total trade balance of the EU SA Dec.
1000 Flash estimate of EU GDP QQ, AA T4
1330 US Core CPI MM, SA January
1330 US Core CPI AA, NSA January
1330 US CPI MM, SA January
1330 American CPI AA, NSA January
1330 US CPI employee January
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